COA

Forum|Forum|8 years ago
May 16, 2018
1 reply
2 views

We are a property management company with several commercial/residential properties. Each property has it's own bank account. How can I set up a coa for each property?

RPC_1237

In my experience you would set up one COA, and multiple bank accounts, each bank account: Acct #8978 -6611 xyz st.. Under the Fixed Assets you would input a description for each property address you manage/own. Security Deposit's would be held separately, with a description of each property (address), as a long term liability if you lease these properties for more than one year. Any expenses that pertain to the properties would be set up in the same COA.

cdshonAuthor

But how could I run reports (expenses, income) for a particular property? How could I isolate one property from another?

RPC_1237

Run a report: based on the bank account number designated to the property, or run a report for the Fixed Asset, and then the "expenses," which would be the small stuff you purchase (usually expense are the items that are less than $1,000.00), you would run an expense report. From the COA list, you can alway right click on the item in your COA's, and then run a yearly, monthly, quarterly report by customizing the report, based on your needs.

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